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Boosting Economic Ties: Vietnamese Foreign Minister Outlines Key Areas for Cooperation with the US

Vietnam’s Foreign Minister Son expresses hope for US recognition of ‘market economy’ status

Boosting Economic Ties: Vietnamese Foreign Minister Outlines Key Areas for Cooperation with the US

In a speech at the Brookings Institution, Vietnamese Foreign Minister Bui Thanh Son highlighted key areas for economic cooperation between the United States and Vietnam. These areas include supply chain resilience, infrastructure connectivity, digital economy, energy, green economy, and logistics. By focusing on these areas, both countries can strengthen their economic ties and create opportunities for growth and development in the region.

Son emphasized the importance of enhancing economic trade and investment cooperation between the two countries following the agreement of a Comprehensive Strategic Partnership last year. Currently, the U.S. categorizes Vietnam as a ‘non-market economy’ in import injury cases, which can result in higher anti-dumping duties. However, Son expressed hope that the United States will soon recognize Vietnam as a market economy to facilitate economic collaboration and help both countries realize the full potential of their partnership.

The remarks by the Vietnamese Foreign Minister underscored the importance of fostering closer economic relations between the two countries. By working together on key priorities such as supply chain resilience and infrastructure connectivity, the United States and Vietnam can expand their cooperation and unlock new opportunities for trade and investment. Recognizing Vietnam as a market economy would further facilitate economic collaboration and help both countries achieve their shared goals of growth and development in the region.

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